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Median Price of a Home in California Increases 22 Percent in March (HO-LEE!)
PRNewswire ^ | 4/27/2004 | PRNewswire

Posted on 04/27/2004 12:24:54 PM PDT by Rutles4Ever

LOS ANGELES, April 27 /PRNewswire/ -- The median price of an existing home in California in March increased 22 percent and sales increased 4 percent compared to the same period a year ago, the California Association of REALTORS(R) (C.A.R.) reported today.

"The median price of a home continued its run of double-digit price increases last month as buyers scrambled to purchase homes amid concerns of rising mortgage interest rates," said C.A.R. President Ann Pettijohn. "This unprecedented demand helped push the median price of a home in many regions in the state to record highs in March. And at $428,280, the median price for the state also hit a record high in March compared to $351,130 just one year ago."

The median price of a home in the Central Valley, High Desert, Monterey, Monterey County, Northern California, Northern Wine, Orange County, Riverside/San Bernardino, Sacramento, San Diego, Santa Clara, Santa Cruz, North Santa Barbara County and Santa Barbara South Coast regions posted record highs in March, according to C.A.R.

Closed escrow sales of existing, single-family detached homes in California totaled 590,220 in March at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR(R) associations statewide. Statewide home resale activity increased 4 percent from the 567,610 sales pace recorded in March 2003.

The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during March 2004 was $428,280, a 22 percent increase over the revised $351,130 median for March 2003, C.A.R. reported. The March 2004 median price increased 8.4 percent compared to a revised $395,060 median price in February.

"Year-to-date sales are up 4.4 percent compared to the same period last year," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Along with the median price of a home, the inventory of homes for sale reached an all-time historic low of 1.6 months in March, while time on the market stood at a record low of 26 days."

(Excerpt) Read more at prnewswire.com ...


TOPICS: Front Page News
KEYWORDS: bubble; california; punishgoodnews; realestate
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1 posted on 04/27/2004 12:24:59 PM PDT by Rutles4Ever
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To: Rutles4Ever
Can anyone say bubble?
2 posted on 04/27/2004 12:27:07 PM PDT by 2banana (They want to die for Islam and we want to kill them)
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To: Rutles4Ever
The real reason: the enviro whackos have protected all the areas where housing needs to be built. There is a lack of housing and that drives up the price.
3 posted on 04/27/2004 12:29:53 PM PDT by CyberAnt (The 2004 Election is for the SOUL of AMERICA)
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To: Rutles4Ever
The median home price in the city where I live in Massachusetts is $650,000.00.

I thought the bubble would burst in 2001,but it never did.

Unvelievable,isn't it?
4 posted on 04/27/2004 12:29:57 PM PDT by Mears
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To: Mears
Same thing is happening in the Washington, DC area. I need a bigger house but can't afford one in my neighborhood. They are going for $800,000 and up. The house across the street from me just sold for $820k and the guy is having work done on the place!

These are not bubbles. Job growth is strong in the DC area and in many areas of California. In Cali, you have all the legal and illegal immigrants also pushing the limited housing supply. There is a housing shortage in these areas. Listings are few and buyers are many.

5 posted on 04/27/2004 12:39:37 PM PDT by Dems_R_Losers (Except for the one who married me!!!)
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To: 2banana
Can anyone say bubble?

I can say bubble, but I wouldn't count on a housing bubble. Housing is a neccessity. Unless the California economy tanks or people start moving out for whatever reason, I would not expect a major fallback in prices.

6 posted on 04/27/2004 12:41:08 PM PDT by Always Right
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To: CyberAnt
Government regulations, fees, taxes, licenses, EPA impact studies, etc. on average add over $50,000 to the price of a new home construction before the ground is broken.
7 posted on 04/27/2004 12:42:41 PM PDT by LexBaird (Tyrannosaurus Lex, unapologetic carnivore)
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To: Always Right
I can say bubble, but I wouldn't count on a housing bubble. Housing is a neccessity. Unless the California economy tanks or people start moving out for whatever reason, I would not expect a major fallback in prices.

Yes, jobs is the thing that California seems to have. And the fear of interest rate hikes down the road are driving buying now.

8 posted on 04/27/2004 12:43:55 PM PDT by KC_for_Freedom (Sailing the highways of America, and loving it.)
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To: 2banana
Bubbles can last a long time. A friend of mine in the real estate business liked to say that housing cycles tend to last seven years, "like in the Bible." ;)
9 posted on 04/27/2004 12:44:05 PM PDT by KellyAdmirer
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To: Rutles4Ever
Headline: Bush to blame for high housing costs, women and children hurt
10 posted on 04/27/2004 12:45:06 PM PDT by Sub-Driver
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To: Dems_R_Losers
When does this start driving inflation? It would seem to me that in order to sustain this massive jump in the cost of living employers will have to start forking over more and more dough. Meanwhile, everyone making money hand over fist is simply moving up. Either the economy, or the real estate market is going to implode.
11 posted on 04/27/2004 12:46:54 PM PDT by Rutles4Ever
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To: Mears
I was looking at houses in Cape Cod (keep dreaming) a one bedroom cottage is 250,000.
12 posted on 04/27/2004 12:47:27 PM PDT by angcat
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To: Rutles4Ever
My friend in Costa Mesa bought a starter home for $250,000 five years ago, 1600sqf, no big deal. It is now on the market for $540,000 and he will get it.
13 posted on 04/27/2004 12:48:02 PM PDT by cmsgop ( It Puts The Lotion in the Basket or it gets the Hose Again........)
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To: Dems_R_Losers
Did you ever think you'd see the day when a house for $1,000,000.00 would seem almost routine?
14 posted on 04/27/2004 12:49:56 PM PDT by Mears
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To: angcat
The $250,000.00 house probably was very damp and poorly insulated too.
15 posted on 04/27/2004 12:51:59 PM PDT by Mears
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To: Rutles4Ever
It's a seller's market now.
After the election,
watch out.
16 posted on 04/27/2004 12:52:23 PM PDT by onyx (Kerry' s a Veteran, but so were Lee Harvey Oswald, Timothy McVeigh and Benedict Arnold)
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To: LexBaird
Yes, that's true. But there are thousands of acres which could be developed which has been denied housing because of some teeny tiny butterfly. This is ridiculous. Why don't they capture a bunch of the butterflies and take them over to the San Diego Zoo ..?? There .. the butterflies could be viewed and enjoyed by the public .. without stopping the development of housing.
17 posted on 04/27/2004 12:52:50 PM PDT by CyberAnt (The 2004 Election is for the SOUL of AMERICA)
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To: Rutles4Ever
Caveat emptor.
18 posted on 04/27/2004 12:53:04 PM PDT by mewzilla
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To: Rutles4Ever
Why would anyone want to spend nearly half a million to buy a home in California?
19 posted on 04/27/2004 12:54:40 PM PDT by Choose Ye This Day (Is Arlen Specter a conservative Republican? Umm... "Not proven.")
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To: Mears
The value of our home in a Twin Cities suburb increased 15-20 percent a year every year. It was a no-brainer.
20 posted on 04/27/2004 12:58:36 PM PDT by Eric in the Ozarks
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To: Rutles4Ever
THE HEADLINE IS INCORRECT. If you read the numbers, median home prices went up 8.4%, and are now 22% higher than March of LAST YEAR.

I'd say a headline change is in order.
21 posted on 04/27/2004 12:59:24 PM PDT by mcg1969
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To: Mears
Yes they are the summer cottages that we went for a week!
22 posted on 04/27/2004 1:01:19 PM PDT by angcat
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To: nutmeg
.
23 posted on 04/27/2004 1:02:09 PM PDT by nutmeg (Why vote for Bush? Imagine Commander in Chief John Fin al-Qerry)
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To: MNLDS
There's a lot to like about California actually. If we could only kick the liberals out it'd be worth twice that much.
24 posted on 04/27/2004 1:05:55 PM PDT by mcg1969
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To: 2banana
The pop is going to be ugly. It took almost 7 years for prices in Sacramento to recover from the early 90s blowout.
25 posted on 04/27/2004 1:08:49 PM PDT by glorgau
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To: mcg1969
Been there. Done that. Glad to be back in the heartland. Thanks, but no thanks.
26 posted on 04/27/2004 1:10:04 PM PDT by Choose Ye This Day (Is Arlen Specter a conservative Republican? Umm... "Not proven.")
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To: mcg1969
Amen. This was Reagan Country once. It can be again.
27 posted on 04/27/2004 1:14:48 PM PDT by RKV (He who has the guns makes the rules.)
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To: MNLDS
Why would anyone want to spend nearly half a million to buy a home in California?

'cause it will double in value in 5-8 years?

28 posted on 04/27/2004 1:20:33 PM PDT by Wheee The People (Oo ee oo ah ah, ting tang, walla-walla bing bang. Oo ee oo ah ah, ting tang, walla-walla bing bang!)
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To: Mears
Listen, I bought my house in Burbank 14 years ago for about 175 thousand. Today, I could get about $500 K. It at least helps me to make up for wht I lost in the stock market:)
29 posted on 04/27/2004 1:26:04 PM PDT by Phinanceguy
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To: Rutles4Ever
I've just recently placed my home on the market ... I'm asking 1,250,000 negotiable ... here's a picture for those who may be interested ...


30 posted on 04/27/2004 1:26:16 PM PDT by clamper1797 (Conservative by nature ... Republican in Spirit ... Patriot by Heart ... and Anti Liberal BY GOD)
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To: clamper1797
If it had an ocean view you'd probably get it.

But seriously, I have no idea how people afford houses here. I bought 7 years ago, 1200 sq ft California Craftsman bungalow in North Orange County (Fullerton) for $190K, I've had offers for $500K. I can't sell because to move up in the market I'd have to spend $750K, so any move on my part would have to be lateral, which makes no sense.
31 posted on 04/27/2004 1:34:40 PM PDT by Weimdog
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To: 2banana
I would not say "bubble" but rather a "market correction". People are buying homes not because simply because of outlandish income, but easy credit and low interest rates.

The Feds have slightly raised and will raise rates again in 3rd quarter. Evereone with half a brain in the investment community knows this. When rates go up, people will not be qualified at current income ratios to purchase these overvalued homes, then the prices will start coming down. It is basic market economics.

Most areas of the country literally doubled or tripled home value in less than four years but it was long overdue. I could get into financials, but would say expect a market correction of 15% of existing home prices by the end of this year in most of the US. Coincidentally, the UK, Australia and other European countries are in the same shape. It was a smart federal policy move to keep our economy from a depression.
32 posted on 04/27/2004 1:35:40 PM PDT by quant5
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To: MNLDS
Why would anyone want to spend nearly half a million to buy a home in California? because they increase in value (over the last 30 years) at 9% per year, that is a cool $4000 a month in equity.
33 posted on 04/27/2004 1:39:15 PM PDT by SF Republican (Life ain't fair and I'm glad)
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To: clamper1797
MANY, MANY Chuckles, thanks for making my day...
34 posted on 04/27/2004 1:46:48 PM PDT by quant5
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To: CyberAnt
But there are thousands of acres which could be developed which has been denied housing because of some teeny tiny butterfly.

Oh, I agree. The ESA isn't about protecting endangered species, it's about getting around the immanent domain laws that require govt. seized land to be paid for. Much easier to just search for some kangaroo rat sub-subspecies on your land, then tell you that you can't use your property.

I think if I were being screwed over in favor of an insect, there might be an "accidental" cropdusting of the "wrong" field.

35 posted on 04/27/2004 1:54:48 PM PDT by LexBaird (Tyrannosaurus Lex, unapologetic carnivore)
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To: CyberAnt
The real reason: the enviro whackos have protected all the areas where housing needs to be built. There is a lack of housing and that drives up the price.
I disagree. The real reason is just uncontrolled population growth. California has no need or purpose for 25 or 45 million people. Build all the houses you want and you are just mutiplying many different problems.
36 posted on 04/27/2004 2:10:31 PM PDT by The Bandit
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To: MNLDS
Suit yourself, my friend, that just means more room for me :-) Though I will admit to be considering a move to Texas, to be back with family.
37 posted on 04/27/2004 2:14:10 PM PDT by mcg1969
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To: MNLDS
Why would anyone want to spend nearly half a million to buy a home in California?

Because we have the best weather in the country, beaches, mountains, and more importantly plenty of jobs. Now that our illegal population has reached the saturation point and are moving onto middle America things are looking up. ;-)

38 posted on 04/27/2004 2:15:29 PM PDT by Smogger
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To: mcg1969
Or it means more room for our compadres from south of the frontera.
39 posted on 04/27/2004 2:16:26 PM PDT by Choose Ye This Day (Is Arlen Specter a conservative Republican? Umm... "Not proven.")
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To: Smogger
Beaches, weather, jobs. Fine.

But HALF A MILLION DOLLARS!!!???!!! That's nuts!

Not to mention traffic, some smog, crime, traffic, illegals glutting the system, traffic...

Did I mention traffic?
40 posted on 04/27/2004 2:19:04 PM PDT by Choose Ye This Day (Is Arlen Specter a conservative Republican? Umm... "Not proven.")
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To: Phinanceguy
You bet it makes up for the stock losses,and the capital gains deal is great.

$500,000.00 tax free profit for a couple ain't bad!!!!
41 posted on 04/27/2004 2:20:33 PM PDT by Mears
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To: clamper1797
If that house were on a 1/4 acre across from the beach in La Jolla it would go for that price in a weekend.
42 posted on 04/27/2004 2:22:53 PM PDT by wtc911 (Europe without God plus islam = Eurabia)
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Comment #43 Removed by Moderator

To: Mears
What the heck is a first time homebuyer to do??????????
44 posted on 04/27/2004 2:27:25 PM PDT by chris1
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To: chris1
My son and his wife,both with decent,but not high paying jobs,cannot get into the housing market on Long Island in New York.

Every time they save a little more the housing prices go up a lot more,and the fact that they are living in the suburbs of NYC doesn't help.One of the highest priced housing markets in the country.

It's tough for first time home buyers.

45 posted on 04/27/2004 2:33:38 PM PDT by Mears
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To: chris1
What the heck is a first time homebuyer to do??????????

First time homebuyers are just screwed.

Personally I don't see how people do it. I bought a house in Ontario, CA three years ago for $177,000. Now smaller houses in the neighborhood sell for $350K and up. I am just glad I bought when I did. I guess people are just rich. Seriously though. People have to get married just to afford a home. Face it. If you have a 2K and up a month mortgage you are one paycheck away from bankruptcy.

46 posted on 04/27/2004 2:36:22 PM PDT by Smogger
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To: Rutles4Ever
Bravo. Pretty good for a third world cesspool in the midst of a titanic invasion.
The sky isn't falling.
47 posted on 04/27/2004 2:37:11 PM PDT by PRND21
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To: The Bandit
Well .. I live in San Diego, and you don't know what you're talking about.

Soooo .. I guess you're right .. we disagree!
48 posted on 04/27/2004 2:56:18 PM PDT by CyberAnt (The 2004 Election is for the SOUL of AMERICA)
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To: Rutles4Ever
Wait until rates go up by a couple percent, and all those ARMs come home to roost. Foreclosures, and a drop in prices to where they were 5 years ago.
49 posted on 04/27/2004 2:58:41 PM PDT by Atlas Sneezed (Your Friendly Freeper Patent Attorney)
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To: cmsgop
In 1992, I bought a new condo in Tustin Ranch (Orange County) for 174,000. Kinda like your friend's home -- a little over 1500 square feet. Small if you ask me, but I was living alone at the time so it was OK, even though I had to give up one of the bedrooms to have a home office. (The company I worked for at the time had no offices in the area and had sales reps working out of their homes). I left there in 1994, when housing was depressed and I was lucky to get what I paid for it. The other day I heard about the huge increase in prices there, and went to Realtor.com to check it out. I found a condo in the same development, same size, 2 car garage, etc. Except the 1500 square feet was divided up into rooms a little differently inside, but essentially the same condo. $519,000. That's just silly. I can't imagine paying that much for so little space, but obviously people are doing it!
50 posted on 04/27/2004 3:02:16 PM PDT by RedWhiteBlue
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